Form 8-K

8-K — ANTERO RESOURCES Corp

Accession: 0001104659-26-088204

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001433270

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621397d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621397d1_ex99-1.htm)

GRAPHIC (tm2621397d1_ex99-1img01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2621397d1_8k.htm · Sequence: 1

false

0001433270

2026-07-29

iso4217:USD

xbrli:shares

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

July 29, 2026

ANTERO RESOURCES CORPORATION

(Exact name of registrant as specified in its

charter)

Delaware

001-36120

80-0162034

(State or Other

Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

1615 Wynkoop Street

Denver, Colorado 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s

Telephone Number, Including Area Code: (303)

357-7310

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

symbol(s)

Name

of each exchange on which

registered

Common Stock, par value $0.01 Per Share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition

On July 29,

2026, Antero Resources Corporation issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by

reference herein, announcing its financial and operational results for the quarter ended June 30, 2026.

The information

in this Current Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),

or otherwise subject to liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of

1933, as amended, or the Exchange Act unless specifically identified therein as being incorporated therein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Antero Resources Corporation press release dated July 29, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ANTERO RESOURCES CORPORATION

By:

/s/ Brendan E. Krueger

Brendan E. Krueger

Chief Financial Officer and Senior Vice President

– Finance and Treasurer

Dated: July 29, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621397d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Antero Resources Announces Second Quarter 2026

Financial and Operating Results

Denver, Colorado, July 29, 2026—Antero

Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced

its second quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’

Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Highlights:

● Net production was a company record and above

guidance at over 4.1 Bcfe/d, an increase of 21% from the year ago period

● Net income was $279 million and Adjusted Net

Income was $236 million (Non-GAAP)

● Adjusted EBITDAX was $595 million (Non-GAAP),

an increase of 57% compared to the prior year period

● Net cash provided by operating activities

was $439 million

● Total cash operating costs were at the low

end of the guidance range at $2.38 per Mcfe, a decrease of $0.29 per Mcfe, or 11%, from the year ago period

● Adjusted Free Cash Flow before changes in

working capital was $220 million (Non-GAAP), an increase of 41% compared to the year ago period

● Purchased 1.1 million shares for approximately

$38 million during the quarter

● Completed $315 million of strategic acquisitions

in July 2026 in Antero’s core Marcellus footprint, including 125 MMcfe/d of net production and 15 net drilling locations

● Reversion of the overriding royalty interests

results in an expected $60 million increase in annualized future cash, or a $0.04 per Mcfe margin uplift

2026 Guidance

Updates:

● Increasing production guidance to a range

of 4.15 to 4.2 Bcfe/d for the full year 2026

● Increasing C2 NGL realized price premium to

Mont Belvieu to $2.50 to $3.00 per Bbl

● Decreasing cash production expense guidance

to a range of $2.20 to $2.30 per Mcfe

● Decreasing the realized natural gas price

premium to NYMEX to a range of $0.05 to $0.15 per Mcfe

Michael Kennedy, CEO and President of Antero Resources

commented, “The second quarter of 2026 reflects the first full quarter following our acquisition of HG Energy. Our quarterly results

highlight the substantial benefits from this transaction. Our production base increased by more than 20% from a year ago and our cost

structure declined by over 10%. In combination with the strategic acquisitions we completed this July, we expect our per unit costs to

continue to decline into year end. Further, while the region’s gross production has remained flat, net production to Antero is expected

to exit the year over 25% higher than the prior year.”

Mr. Kennedy continued, “Our improved

competitive position provides us with great visibility and confidence in our Free Cash Flow, which supported the accelerated timing of

our share repurchase program. During the second quarter we purchased 1.1 million shares for $38 million and we plan to continue being

countercyclical with our buybacks when we see opportunities.”

Brendan Krueger, CFO of Antero Resources said,

“Our recently announced cost reduction initiative is expected to decrease our cost structure by $0.70 per Mcfe from 2025 levels,

or 25% in total by year-end 2028. With the integration of HG Energy, we are already nearly halfway towards achieving this target. Lower

cash costs will drive significant increases in per unit margins. Additionally, when combining this lower cost structure with our liquids

product diversification and hedging strategy, we expect a substantial reduction in cash flow volatility going forward. This was highlighted

through our second quarter 2026 results where the Henry Hub natural gas price declined 16% from the year ago period, while our adjusted

EBITDAX increased 57%.”

For a discussion of the non-GAAP financial

measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”

2026 Guidance Update

Antero is increasing its full year 2026 production

guidance to a range of 4.15 to 4.2 Bcfe/d, to reflect strong performance year-to-date and the acquisitions made in July 2026. Antero

is forecasting 5 Bcfe of curtailments in the third quarter of 2026 and expects third quarter production to average 4.25 to 4.3 Bcfe/d

with fourth quarter production increasing to an average of 4.4 to 4.5 Bcfe/d.

Cash production expense guidance was lowered to

a range of $2.20 to $2.30 per Mcfe, reflecting the HG Energy integration and optimization of firm transportation agreements. Realized

natural gas price premium to NYMEX was lowered primarily to reflect the optimization of the firm transportation arrangements.

Revised 2026 Guidance

Low

High

Net Daily Natural Gas Equivalent Production (Bcfe/d)

4.15

4.2

Cash Production Expense ($/Mcfe)

$ 2.20

$ 2.30

Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf)

$ 0.05

$ 0.15

C2 NGL Realized Price Premium to Mont Belvieu ($/Bbl)

$ 2.50

$ 3.00

Note: Any 2026 guidance items not discussed in this release are

unchanged from previously stated guidance.

Strategic Updates

Antero acquired properties in its West Virginia

development footprint for approximately $315 million. These acquired properties include approximately 125 MMcfe/d of net production and

3,500 net undeveloped acres supporting 15 net undeveloped locations.

On June 30, 2026 Antero dissolved the Martica

override entity. The Martica transaction was entered into in 2020 and included overriding royalty interests in Antero’s development

program. Following return thresholds being achieved in the second quarter of 2026, these overriding royalty interests reverted to Antero.

This is expected to result in a $60 million increase in annualized cash flow to Antero, or a $0.04 per Mcfe margin uplift, commencing

in the third quarter of 2026.

Cash Cost Reduction Initiative

In June 2026, Antero announced a cash cost

reduction initiative. Through this plan, the Company expects to reduce cash costs by $0.70 per Mcfe from full year 2025 to year end 2028.

As a result of the lower cost structure, Antero expects to improve EBITDAX margins by $0.35 per Mcfe. These cost reductions and margin

enhancements are expected to be driven primarily by the integration of HG Energy, natural gas and liquids firm transportation commitment

optimization and increased dry gas development.

Share Repurchase Program

During the quarter, Antero purchased 1.1 million

shares for approximately $38 million, for an average weighted price of $34.25 per share. Antero has approximately $880 million of capacity

remaining under its share repurchase program.

Natural Gas Hedge Program

The following tables detail Antero’s natural

gas swap and collar hedge position as of the publication of July 29, 2026. For more information on Antero’s hedge portfolio,

including basis hedges, please see the presentation titled “Hedges and Guidance Presentation” on the Company’s website.

Swaps

Natural Gas

(MMBtu/d)

Weighted

Average

Index Price

($/MMBtu)

July – December 2026 NYMEX Henry Hub Swap

1,390,000

$ 3.90

2027 NYMEX Henry Hub Swap

1,000,000

$ 3.84

Weighted Average Index

Collars

Natural Gas (MMBtu/d)

Floor

Price

($/MMBtu)

Ceiling Price ($/MMBtu)

July – December 2026 NYMEX Henry Hub Costless Collars

577,000

$ 3.26

$ 5.66

2027 NYMEX Henry Hub Costless Collars

80,000

$ 3.52

$ 4.63

Adjusted Free Cash Flow

During the second quarter of 2026, Adjusted Free

Cash Flow before changes in working capital was $220 million.

Three Months Ended

June 30,

2025

2026

Net cash provided by operating activities

$ 492,358

438,849

Less: Capital expenditures

(208,409 )

(340,716 )

Less: Distributions to non-controlling interests in Martica

(21,512 )

(7,346 )

Plus: Transaction expense

—

1,903

Adjusted Free Cash Flow

$ 262,437

92,690

Changes in Working Capital

(106,165 )

127,069

Adjusted Free Cash Flow before Changes in Working Capital

$ 156,272

219,759

Second Quarter 2026 Financial Results

Net daily natural gas equivalent production in

the second quarter averaged 4.1 Bcfe/d, including 216 MBbl/d of liquids. Antero’s average realized natural gas price before hedges

was $2.66 per Mcf. Antero’s average realized C3+ NGL price before hedges was $44.33 per barrel and its C2+ NGL price before hedges

was $31.06 per barrel.

The following table details average net production

and average realized prices for the three months ended June 30, 2026:

Three Months Ended June 30, 2026

Natural

Gas

(MMcf/d)

Oil

(Bbl/d)

C3+ NGLs

(Bbl/d)

C2 NGLs

(Bbl/d)

Combined

Natural Gas

Equivalent

(MMcfe/d)

Average Net Production

2,847

8,330

121,132

86,769

4,144

Three Months Ended June 30, 2026

Average Realized Prices

Natural

Gas

($/Mcf)

Oil

($/Bbl)

C3+ NGLs

($/Bbl)

C2 NGLs

($/Bbl)

Combined

Natural Gas

Equivalent

($/Mcfe)

Average realized prices before settled derivatives

$ 2.66

78.60

44.33

12.54

3.54

Index price (1)

$ 2.90

93.00

45.26

8.96

2.90

Premium / (Discount) to Index price

$ (0.24 )

(14.40 )

(0.93 )

3.58

0.64

Settled commodity derivatives

$ 0.52

—

(0.01 )

—

0.36

Average realized prices after settled derivatives

$ 3.18

78.60

44.32

12.54

3.90

Premium / (Discount) to Index price

$ 0.28

(14.40 )

(0.94 )

3.58

1.00

(1) Please see Antero’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026,

for more information on these index and average realized prices.

Cash production expense, which includes lease

operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.22 per Mcfe in the second

quarter, as compared to $2.48 per Mcfe during the second quarter of 2025. The decrease compared to the prior year reflects a full quarter

of the HG Energy assets. Net marketing expense was $0.04 per Mcfe during the second quarter of 2026, compared to $0.06 per Mcfe during

the second quarter of 2025.

Operating Results

Antero placed 26 Marcellus wells to sales during

the second quarter with an average lateral length of 13,323 feet. 21 of these wells have been online for approximately 60 days with an

average rate per well of 25 MMcfe/d, including 975 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero had a number

of notable company operating achievements, including:

● A 5-well pad which was Antero’s first dry

gas pad in over 12 years, has been producing at 125 MMcf/d without declines, for over 60 days. Antero estimates the Estimated Ultimate

Recovery (“EUR”) of these wells will be more than 2.0 Bcf per 1,000 feet, a 70% improvement compared to the 1.2 Bcf per 1,000

feet average EUR when the Company last drilled in this dry gas area.

● Drilled the longest lateral in company history

at over 24,000 feet. This well was located on the recently acquired HG Energy acreage.

Second Quarter 2026 Capital Investment

Antero’s drilling and completion capital

expenditures for the three months ended June 30, 2026 were $297 million. In addition to capital invested in drilling and completion

activities, the Company invested $29 million in land during the second quarter. Through this investment, Antero added approximately 5,000

net acres, representing 20 incremental net drilling locations at an average cost of approximately $650,000 per location.

Conference Call

A conference call is scheduled on Thursday, July 30,

2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow

the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or +1 201-493-6746 (International) and reference

“Antero Resources.” A telephone replay of the call will be available until Thursday, August 6, 2026 at 9:00 am MT at

877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758945. To access the live webcast and view the related

earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until

Thursday, August 6, 2026 at 9:00 am MT.

Presentation

An updated presentation will be posted to the

Company's website before the conference call. The presentation can be found at www.anteroresources.com

on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this

press release.

Non-GAAP Financial Measures

Adjusted Net Income

Adjusted Net Income as set forth in this release

represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational

trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial

performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance.

The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted

Net Income (in thousands):

Three Months Ended June 30,

2025

2026

Net income and comprehensive income attributable to Antero Resources Corporation

$ 156,585

278,657

Net income and comprehensive income attributable to noncontrolling interests

9,988

7,760

Unrealized commodity derivative gains

(59,763 )

(26,412 )

Amortization of deferred revenue, VPP

(6,298 )

(5,860 )

Loss (gain) on sale of assets

546

(14,616 )

Impairment of property and equipment

6,297

4,455

Equity-based compensation

15,855

13,266

Loss on early extinguishment of debt

729

—

Equity in earnings of unconsolidated affiliate

(30,563 )

(29,379 )

Contract termination and loss contingency

13,596

1,659

Transaction expense

—

1,903

Tax effect of reconciling items (1)

13,021

12,094

119,993

243,527

Martica adjustments (2)

(9,988 )

(7,760 )

Adjusted Net Income

$ 110,005

235,767

Diluted Weighted Average Common Shares Outstanding

313,184

310,643

(1) Deferred taxes were approximately 22% for 2025 and 2026.

(2) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above

Net Debt

Net Debt is calculated as total debt less cash

and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its

debt obligations.

The following table reconciles consolidated total

debt to Net Debt as used in this release (in thousands):

December 31,

2025

June 30,

2026

Commercial paper

$ —

182,000

Credit Facility

438,600

2,700

Term Loan

—

1,100,000

7.625% senior notes due 2029

365,353

—

5.375% senior notes due 2030

600,000

5.400% senior notes due 2036

—

750,000

Unamortized debt issuance costs

(5,977 )

(20,442 )

Total debt

$ 1,397,976

2,614,258

Less: Cash, cash equivalents and restricted cash

(210,000 )

—

Net Debt

$ 1,187,976

2,614,258

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a measure of financial

performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing,

or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as net

cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion

costs and additions to other property and equipment, less distributions to non-controlling interests in Martica, plus transaction expenses.

The Company has not provided projected net cash

provided by operating activities or a reconciliation of Adjusted Free Cash Flow to projected net cash provided by operating activities,

the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating

activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the

timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is

unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.

Adjusted Free Cash Flow is a useful indicator

of the Company’s ability to internally fund its activities, service or incur additional debt and estimate our ability to return

capital to shareholders. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the

inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the

lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow

reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds

may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration

expenses, and other commitments and obligations.

Adjusted EBITDAX

Adjusted EBITDAX is a non-GAAP financial measure

that we define as net income, adjusted for certain items detailed below.

Adjusted EBITDAX as used and defined by us, may

not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance

with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss,

cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance

with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures,

working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds

may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and

obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because

this measure:

● is widely used by investors in the oil and natural

gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially

from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets

were acquired, among other factors;

● helps investors to more meaningfully evaluate

and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating

structure;

● is used by our management team for various purposes,

including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning

and forecasting; and

● is used by our Board of Directors as a performance

measure in determining executive compensation.

There are significant limitations to using Adjusted

EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that

materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different

methods of calculating Adjusted EBITDAX reported by different companies.

The GAAP measures most directly comparable to

Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero’s

net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero’s Adjusted EBITDAX to net cash

provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended June 30,

2025 and 2026 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed

in the table below as Martica related adjustments.

Three Months Ended June 30,

2025

2026

Reconciliation of net income to Adjusted EBITDAX:

Net income and comprehensive income attributable to Antero Resources Corporation

$ 156,585

278,657

Net income and comprehensive income attributable to noncontrolling interests

9,988

7,760

Unrealized commodity derivative (gains) losses

(59,763 )

(26,412 )

Amortization of deferred revenue, VPP

(6,298 )

(5,860 )

Loss (gain) on sale of assets

546

(14,616 )

Interest expense, net

19,954

37,520

Loss on early extinguishment of debt

729

—

Income tax expense

48,190

78,998

Depletion, depreciation, amortization and accretion

188,531

228,237

Impairment of property and equipment

6,297

4,455

Exploration expense

648

904

Equity-based compensation expense

15,855

13,266

Equity in earnings of unconsolidated affiliate

(30,563 )

(29,379 )

Dividends from unconsolidated affiliate

31,314

Contract termination, loss contingency and settlements

13,596

1,659

Transaction expense and other

2,037

395,640

608,540

Martica related adjustments (1)

(16,176 )

(13,103 )

Adjusted EBITDAX

$ 379,464

595,437

Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities:

Adjusted EBITDAX

$ 379,464

595,437

Martica related adjustments (1)

16,176

13,103

Interest expense, net

(19,954 )

(37,520 )

Amortization of debt issuance costs and other

356

533

Exploration expense

(648 )

(904 )

Changes in current assets and liabilities

116,475

(117,274 )

Contract termination, loss contingency and settlements

(287 )

(10,343 )

Transaction expense and other

776

(4,183 )

Net cash provided by operating activities

$ 492,358

438,849

(1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.

Twelve

Months Ended

June 30, 2026

Reconciliation of net income to Adjusted EBITDAX:

Net income and comprehensive income attributable to Antero Resources Corporation

$ 1,083,735

Net income and comprehensive income attributable to noncontrolling interests

39,423

Unrealized commodity derivative gains

(355,578 )

Amortization of deferred revenue, VPP

(24,391 )

Gain on sale of assets

(60,803 )

Interest expense, net

114,843

Loss on early extinguishment of debt

6,742

Income tax expense

337,783

Depletion, depreciation, amortization, and accretion

813,284

Impairment of property and equipment

22,846

Exploration

3,370

Equity-based compensation expense

54,811

Equity in earnings of unconsolidated affiliate

(98,757 )

Dividends from unconsolidated affiliate

125,255

Contract termination, loss contingency and settlements

29,418

Transaction expense and other

28,954

2,120,935

Martica related adjustments (1)

(61,695 )

Adjusted EBITDAX

$ 2,059,240

(1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.

Drilling and Completion Capital Expenditures

For a reconciliation between cash paid for drilling

and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital

expenditures section below (in thousands):

Three Months Ended

June 30,

2025

2026

Drilling and completion costs (cash basis)

$ 181,200

307,821

Change in accrued capital costs

(10,531 )

(11,319 )

Adjusted drilling and completion costs (accrual basis)

$ 170,669

296,502

Notwithstanding their use for comparative purposes,

the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

This release includes "forward-looking

statements." Words such as “may,” “assume,” “forecast,” “position,” “predict,”

“strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”

“believe,” “project,” “budget,” “potential,” or “continue,” “goal,”

or “target,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements

contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are

not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities,

events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our

financial strategy, future operating results, financial position, estimated revenues and losses, our ability to integrate acquired assets

and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, estimated realized

natural gas, NGL and oil prices, prospects, plans and objectives of management, return of capital program, expected results, impacts of

geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, future commodity prices,

future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment,

future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well

costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling

partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying

our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of

future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans,

intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these

plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed,

implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not

intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking

statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many

of which are beyond Antero Resources’ control. These risks include, but are not limited to, risks associated with the successful

integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruption,

availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and

other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods,

the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and

access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events,

including the conflicts in Ukraine, Venezuela and the Middle East, and world health events, cybersecurity risks, the state of markets

for, and availability of, verified quality carbon offsets and the other risks described under the heading “Risk Factors” in

Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q

for the quarter ended June 30, 2026.

“EUR,” or estimated ultimate recovery,

refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the

area. These quantities may not necessarily constitute or represent reserves within the meaning of the U.S. Securities and Exchange Commission’s

oil and natural gas disclosure rules. Actual quantities that may be recovered could differ substantially.

For more information, contact Daniel Katzenberg,

Vice President - Investor Relations of Antero Resources at (303) 357-7219 or dkatzenberg@anteroresources.com.

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance

Sheets

(In thousands, except per

share amounts)

(Unaudited)

December 31,

June 30,

2025

2026

Assets

Current assets:

Restricted cash

$ 210,000

—

Accounts receivable

33,773

25,064

Accrued revenue

473,453

458,197

Derivative instruments

68,913

180,848

Prepaid expenses

14,554

12,807

Current assets held for sale

20,269

—

Other current assets

10,818

16,654

Total current assets

831,780

693,570

Property and equipment:

Oil and gas properties, at cost (successful efforts method):

Unproved properties

796,705

1,124,479

Proved properties

14,049,003

16,976,193

Other property and equipment

113,020

125,054

14,958,728

18,225,726

Less accumulated depletion, depreciation and amortization

(5,753,416 )

(6,082,594 )

Property and equipment, net

9,205,312

12,143,132

Operating leases right-of-use assets

2,132,509

2,005,573

Derivative instruments

12,524

50,767

Investment in unconsolidated affiliate

245,653

259,313

Assets held for sale

754,737

—

Other assets

62,892

80,279

Total assets

$ 13,245,407

15,232,634

Liabilities and Equity

Current liabilities:

Accounts payable

$ 49,514

45,468

Accounts payable, related parties

101,454

130,082

Accrued liabilities

338,847

359,272

Revenue distributions payable

384,777

443,186

Commercial paper

—

182,000

Derivative instruments

—

1,913

Short-term lease liabilities

516,256

531,669

Deferred revenue, VPP

23,502

23,793

Current liabilities held for sale

62,310

—

Other current liabilities

26,653

11,382

Total current liabilities

1,503,313

1,728,765

Long-term liabilities:

Long-term debt

1,397,976

2,432,258

Deferred income tax liability, net

907,306

1,218,788

Derivative instruments

—

1,613

Long-term lease liabilities

1,612,288

1,469,378

Deferred revenue, VPP

11,946

—

Liabilities held for sale

39,789

—

Other liabilities

57,140

64,929

Total liabilities

5,529,758

6,915,731

Commitments and contingencies

Equity:

Stockholders' equity:

Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

—

Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,510 and 308,739 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively

3,085

3,087

Additional paid-in capital

5,865,447

5,834,394

Retained earnings

1,682,295

2,479,422

Total stockholders' equity

7,550,827

8,316,903

Noncontrolling interests

164,822

—

Total equity

7,715,649

8,316,903

Total liabilities and equity

$ 13,245,407

15,232,634

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements

of Operations and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30,

2025

2026

Revenue and other:

Natural gas sales

$ 688,753

688,478

Natural gas liquids sales

480,757

587,714

Oil sales

33,700

59,579

Commodity derivative fair value gains

53,409

160,633

Marketing

33,743

56,066

Amortization of deferred revenue, VPP

6,298

5,860

Other revenue and income

833

1,512

Total revenue

1,297,493

1,559,842

Operating expenses:

Lease operating

37,244

48,148

Gathering, compression, processing and transportation

701,722

748,181

Production and ad valorem taxes

34,830

37,535

Marketing

51,988

72,059

Exploration

648

904

General and administrative (including equity-based compensation expense of $15,855 and $13,266 in 2025 and 2026, respectively)

57,183

57,795

Depletion, depreciation and amortization

187,589

227,254

Impairment of property and equipment

6,297

4,455

Accretion of asset retirement obligations

942

983

Contract termination, loss contingency and settlements

13,596

1,659

Loss (gain) on sale of assets

546

(14,616 )

Other operating expense

Total operating expenses

1,092,610

1,184,383

Operating income

204,883

375,459

Other income (expense):

Interest expense, net

(19,954 )

(37,520 )

Equity in earnings of unconsolidated affiliate

30,563

29,379

Loss on early extinguishment of debt

(729 )

—

Transaction expense

—

(1,903 )

Total other income (expense)

9,880

(10,044 )

Income before income taxes

214,763

365,415

Income tax expense

(48,190 )

(78,998 )

Net income and comprehensive income including noncontrolling interests

166,573

286,417

Less: net income and comprehensive income attributable to noncontrolling interests

9,988

7,760

Net income and comprehensive income attributable to Antero Resources Corporation

$ 156,585

278,657

Net income per common share—basic

$ 0.50

0.90

Net income per common share—diluted

$ 0.50

0.90

Weighted average number of common shares outstanding:

Basic

310,323

309,712

Diluted

313,184

310,643

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Six Months Ended June 30,

2025

2026

Cash flows provided by (used in) operating activities:

Net income including noncontrolling interests

$ 386,039

834,630

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion, depreciation, amortization and accretion

375,822

435,539

Impairment of property and equipment

11,915

5,403

Commodity derivative fair value losses (gains)

18,262

(195,656 )

Losses on settled commodity derivatives

(17,371 )

(30,914 )

Deferred income tax expense

102,475

220,675

Equity-based compensation expense

31,000

24,999

Equity in earnings of unconsolidated affiliate

(59,224 )

(59,497 )

Dividends of earnings from unconsolidated affiliate

62,628

Amortization of deferred revenue

(12,528 )

(11,655 )

Amortization of debt issuance costs and other

823

953

Settlement of asset retirement obligations

(71 )

(110 )

Contract termination, loss contingency and settlements

12,001

2,153

Gain on sale of assets

(29 )

(60,566 )

Loss on early extinguishment of debt

3,628

6,742

Changes in current assets and liabilities:

Accounts receivable

2,763

8,721

Accrued revenue

85,718

31,866

Prepaid expenses and other current assets

(8,382 )

10,832

Accounts payable including related parties

(15,139 )

23,815

Accrued liabilities

(85,528 )

(39,486 )

Revenue distributions payable

48,121

41,811

Other current liabilities

7,174

(14,976 )

Net cash provided by operating activities

950,097

1,297,907

Cash flows provided by (used in) investing activities:

Additions to unproved properties

(56,640 )

(45,551 )

Drilling and completion costs

(356,334 )

(492,372 )

Additions to other property and equipment

(1,580 )

(8,894 )

Acquisition of HG Production

—

(2,803,195 )

Acquisitions of oil and gas properties

—

(7,631 )

Proceeds from asset sales

11,522

756,986

Change in other assets

(2,348 )

(24,066 )

Net cash used in investing activities

(405,380 )

(2,624,723 )

Cash flows provided by (used in) financing activities:

Issuances and borrowings of debt

2,291,800

5,521,550

Repayments of debt.

(2,686,733 )

(4,295,447 )

Repurchases of common stock

(84,966 )

(37,890 )

Payment of debt issuance costs

—

(10,838 )

Distributions to noncontrolling interests in Martica Holdings LLC

(37,481 )

(24,996 )

Employee tax withholding for settlement of equity-based compensation awards

(26,618 )

(34,906 )

Other

(719 )

(657 )

Net cash provided by (used in) financing activities

(544,717 )

1,116,816

Net decrease in cash, cash equivalents and restricted cash

—

(210,000 )

Cash, cash equivalents and restricted cash, beginning of period

—

210,000

Cash, cash equivalents and restricted cash, end of period

$ —

—

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

$ 48,043

69,988

Increase (decrease) in accounts payable, accrued liabilities and other current liabilities for additions to property and equipment

$ (29,581 )

34,482

In-kind liquidating distribution to noncontrolling interests

$ —

160,583

The following table sets forth selected financial data for the three

months ended June 30, 2025 and 2026 (in thousands):

(Unaudited)

Three Months Ended

Amount of

June 30,

Increase

Percent

2025

2026

(Decrease)

Change

Revenue and other:

Natural gas sales

$ 688,753

688,478

(275 )

Natural gas liquids sales

480,757

587,714

106,957

22 %

Oil sales

33,700

59,579

25,879

77 %

Commodity derivative fair value gains

53,409

160,633

107,224

201 %

Marketing

33,743

56,066

22,323

66 %

Amortization of deferred revenue, VPP

6,298

5,860

(438 )

(7 )%

Other revenue and income

833

1,512

679

82 %

Total revenue

1,297,493

1,559,842

262,349

20 %

Operating expenses:

Lease operating

37,244

48,148

10,904

29 %

Gathering and compression

236,830

270,225

33,395

14 %

Processing

284,040

292,745

8,705

3 %

Transportation

180,852

185,211

4,359

2 %

Production and ad valorem taxes

34,830

37,535

2,705

8 %

Marketing

51,988

72,059

20,071

39 %

Exploration

648

904

256

40 %

General and administrative (excluding equity-based compensation)

41,328

44,529

3,201

8 %

Equity-based compensation

15,855

13,266

(2,589 )

(16 )%

Depletion, depreciation and amortization

187,589

227,254

39,665

21 %

Impairment of property and equipment

6,297

4,455

(1,842 )

(29 )%

Accretion of asset retirement obligations

942

983

4 %

Contract termination, loss contingency and settlements

13,596

1,659

(11,937 )

(88 )%

Loss (gain) on sale of assets

546

(14,616 )

(15,162 )

Other operating expense

4 %

Total operating expenses

1,092,610

1,184,383

91,773

8 %

Operating income

204,883

375,459

170,576

83 %

Other income (expenses):

Interest expense, net

(19,954 )

(37,520 )

(17,566 )

88 %

Equity in earnings of unconsolidated affiliate

30,563

29,379

(1,184 )

(4 )%

Loss on early extinguishment of debt

(729 )

—

729

Transaction expenses

—

(1,903 )

Total other income (expense)

9,880

(10,044 )

(19,924 )

Income before income taxes

214,763

365,415

150,652

70 %

Income tax expense

(48,190 )

(78,998 )

(30,808 )

64 %

Net income and comprehensive income including noncontrolling interests

166,573

286,417

119,844

72 %

Less: net income and comprehensive income attributable to noncontrolling interests

9,988

7,760

(2,228 )

(22 )%

Net income and comprehensive income attributable to Antero Resources Corporation

$ 156,585

278,657

122,072

78 %

Adjusted EBITDAX

$ 379,464

595,437

215,973

57 %

* Not meaningful

The following table sets forth selected operating data for the three

months ended June 30, 2025 and 2026:

Three Months Ended

Amount of

June 30,

Increase

Percent

2025

2026

(Decrease)

Change

Production data (1) (2):

Natural gas (Bcf)

203

259

C2 Ethane (MBbl)

6,924

7,896

972

C3+ NGLs (MBbl)

10,608

11,023

415

Oil (MBbl)

672

758

Combined (Bcfe)

312

377

Daily combined production (MMcfe/d)

3,430

4,144

714

Average prices before effects of derivative settlements (3):

Natural gas (per Mcf)

3.39

2.66

(0.73)

(22)

C2 Ethane (per Bbl) (4)

11.34

12.54

1.20

C3+ NGLs (per Bbl)

37.92

44.33

6.41

Oil (per Bbl)

50.15

78.60

28.45

Weighted Average Combined (per Mcfe)

3.85

3.54

(0.31)

(8)

Average realized prices after effects of derivative settlements (3):

Natural gas (per Mcf)

3.36

3.18

(0.18)

(5)

C2 Ethane (per Bbl) (4)

11.34

12.54

1.20

C3+ NGLs (per Bbl)

37.92

44.32

6.40

Oil (per Bbl)

50.15

78.60

28.45

Weighted Average Combined (per Mcfe)

3.83

3.90

0.07

Average costs (per Mcfe):

Lease operating

0.12

0.13

0.01

Gathering and compression

0.76

0.72

(0.04)

(5)

Processing

0.91

0.78

(0.13)

(14)

Transportation

0.58

0.49

(0.09)

(16)

Production and ad valorem taxes

0.11

0.10

(0.01)

(9)

Marketing expense, net

0.06

0.04

(0.02)

(33)

General and administrative (excluding equity-based compensation)

0.13

0.12

(0.01)

(8)

Depletion, depreciation, amortization and accretion

0.60

0.61

0.01

* Not meaningful

(1) Production data excludes volumes related to VPP transaction.

(2) Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate

of the equivalent energy content of the products and may not reflect their relative economic value.

(3) Average prices reflect the before and after effects of our settled commodity derivatives. Our calculation of such after effects includes

gains (losses) on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document

them as hedges for accounting purposes.

(4) The average realized price for the three months ended June 30, 2025 includes $0.5 million of proceeds related to a take-or-pay

contract. Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for

the three months ended June 30, 2025 would have been $11.27 per Bbl.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration